Renovated Office
For Sale
$785,000
300 Washington, Grand Haven, MI 49417
Commercial Sale, Grand Haven, MI
Property Size4,366 SF
Lot Size0.97 Acres
Price / SF$179.80
Days on Market270
Property Features for 300 Washington
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Central Busines
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bathroom 1, Bathroom 3
Interior features
Broadband
Elementary school district
Grand Haven
Middle school district
Grand Haven
High school district
Grand Haven
Directions
US-31/Beacon Boulevard to Washington Avenue West to 3rd Street. Located on SE corner of 3rd and Washington.
Subdivision
North Ottawa County - N
Standard status
Active
APN
70-03-20-444-010 and 70-03-20-444-011
Size
4,366 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
See documents attached for units' individual legal descriptions.
Tax Annual Amount
15665
Legal Description
See documents attached for units' individual legal descriptions.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
private entrance
large windows
high ceilings
open floor plan
ADA-compliant restrooms
Building Details
Year built
2023
Floors in Building
3
Number of units
2
Building materials
Stone
Roof type
Rubber
Listing Agency:
Capstone Real Estate LLC
(616) 847-1031
Listed By:
David Ten Cate · License #6502325769
(616) 847-1031
Added: Dec 2, 2025
Changed: Aug 25
Last Checked: Aug 29 at 8:06PM
MLS# 25060362
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering comprises two street-level office condominium units within a 2023-built stone building. Both suites have been renovated with updated mechanical systems, contemporary finishes, private entrances, and large windows. Unit #10 contains 2,506 SF with an open workspace, 16 workstations, two private offices, a conference room, kitchen/breakroom, high ceilings, and two ADA-compliant restrooms. Unit #11 provides 1,860 SF with six private offices, two executive offices, storage, and an ADA-compliant restroom. Combined property size is 4,366 SF.
The property occupies the northeast and northwest corners of Third Street and Washington Avenue in downtown Grand Haven, three blocks from the waterfront. Entrances are available from both streets, while parking is provided in the on-site lot, along the street, and in nearby public parking. Long-term tenant leases are in place, and the units may be purchased together or separately.
The property occupies the northeast and northwest corners of Third Street and Washington Avenue in downtown Grand Haven, three blocks from the waterfront. Entrances are available from both streets, while parking is provided in the on-site lot, along the street, and in nearby public parking. Long-term tenant leases are in place, and the units may be purchased together or separately.
Key Highlights
- Two office condominium units totaling 4,366 SF
- Unit #10 includes 2,506 SF, 16 workstations, two private offices, and two ADA‑compliant restrooms
- Unit #11 offers 1,860 SF, six private offices, two executive offices, and storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,097
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$961,940
$961.9K
Cap Rate 7%
$687,100
$687.1K
Cap Rate 9%
$534,411
$534.4K
Market Conditions
NOI Build-Up for 4,366 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$74.4K $17.04/SF
− Vacancy
−$10.3K −$2.35/SF
EGI
$64.1K $14.69/SF
− OpEx
−$16.0K −$3.67/SF
NOI
$48.1K $11.02/SF
Area
Ottawa County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$961,940
Cap Rate 7%
$687,100
Cap Rate 9%
$534,411
Alternative Uses
Best Use
Office B
$687.1K
$601.2K – $801.6K
NOI $48,097 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$54.29M
$47.51M – $63.34M
NOI $3,800,468 @ 7.0% cap · market cap 484.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
Explore this area
Business Placement
Demographics for 49417, MI
32,406
Population
14,709
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
95%
High-School Grad
46.9 sq mi
ZIP Area
691
Density / Sq Mi
$84,476
Median Household Income
$45,392
Median Earnings
$1,101
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two ADA-compliant suites offer updated systems, modern finishes, private entrances, and flexible office layouts.
Where is this office units located?
The property is located at 300 Washington Grand Haven, MI.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two office condominium units totaling 4,366 SF; Unit #10 includes 2,506 SF, 16 workstations, two private offices, and two ADA‑compliant restrooms; Unit #11 offers 1,860 SF, six private offices, two executive offices, and storage
